Revocation and suspension of licenses
(1) The Director of the Department of Consumer and Business Services may revoke a license under this chapter upon 10 days’ notice to the licensee stating the contemplated action and in general the grounds for the action and after giving the licensee reasonable opportunity for a hearing, if the director finds that:
(a) The licensee failed to pay the annual license fee or to comply with a demand, ruling or requirement of the director made pursuant to this chapter or, if the licensee is a corporation, to comply with provisions of law that require the licensee to keep the corporation in good standing;
(b) The licensee has violated a provision of this chapter or a rule made by the director under the authority of this chapter;
(c) The licensee employs mortgage loan originators licensed under ORS 86A.200 (Definitions) to 86A.239 (Display of license and unique identifier) and failed to:
(A) File with the director and to maintain a corporate surety bond required under ORS 86A.227 (Corporate surety bond required); or
(B) Certify to the director in a form and manner the director specifies by rule that the licensee has independently verified that every individual the licensee hired or intends to hire as a mortgage loan originator meets the requirements set forth in ORS 86A.186 (Mortgage loan originator criminal records checks) and 86A.200 (Definitions) to 86A.239 (Display of license and unique identifier);
(d) The licensee, in connection with the activities of a mortgage loan originator:
(A) Failed to maintain a corporate surety bond as provided in ORS 86A.227 (Corporate surety bond required);
(B) Failed to comply with:
(i) The Truth in Lending Act, 15 U.S.C. 1601 et seq. and Regulation Z, 12 C.F.R. part 226, as in effect on October 1, 2009;
(ii) The Real Estate Settlement Procedures Act, 12 U.S.C. 2601 et seq. and Regulation X, 24 C.F.R. part 3500, as in effect on January 1, 2010;
(iii) The Equal Credit Opportunity Act, 15 U.S.C. 1691 et seq. and Regulation B, 12 C.F.R. 202.9, 202.11, 202.12 and 202.14, as in effect on July 30, 2009; or
(iv) 12 U.S.C. 5101 et seq. and regulations adopted under 12 U.S.C. 5101 et seq.;
(e) The licensee employed a device, scheme or artifice to defraud or engage in an act, practice or course of business that operates or would operate as a fraud or deceit;
(f) The licensee knowingly made an untrue statement of a material fact or omitted from a statement a material fact that would make the statement not misleading in light of the circumstances under which the licensee made the statement;
(g) The licensee made or filed or caused to be made or filed with the director a statement, report or document that the licensee knew was false in a material respect or matter; or
(h) A fact or condition exists that, if the fact or condition had existed at the time the licensee originally applied for the license, clearly would have warranted the director in refusing originally to issue the license.
(2) The director, without notice or hearing, may suspend a license issued under this chapter for a period not exceeding 30 days, pending investigation.
(3) The director may revoke or suspend only the particular license with respect to which grounds for revocation or suspension may occur or exist, or, if the director finds that the grounds for revocation or suspension are of general application to all or more than one of the licensee’s offices, the director may revoke or suspend all the licenses or such number of the licenses issued to the licensee as the grounds for revocation or suspension apply to, as the case may be. [Amended by 1955 c.71 §10; 1985 c.762 §123; 2009 c.863 §35]
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